DCS Innov, a subsidiary of DCS Fintech Holdings, today announced the acquisition of HolyWally, one of the world’s first Wallet-as-a-Service (WaaS) platform providers. This strategic move marks a significant milestone in DCS Innov’s global expansion plans, particularly into the US and European markets. 

Prior to the acquisition, DCS Innov appointed HolyWally to deliver a WaaS solution which embeds core payment services offered by DCS Card Centre (DCSCC) including cards, virtual bank accounts and Web3 payments via DCS Tokens, all within a white-label mobile app that is available on both iOS and Android platforms. This solution enables fintechs and any nonfinance related company to launch a mobile app with payment and loyalty capabilities in just a matter of weeks, without the need to build any infrastructure or payment capabilities from scratch. On top of the basic payment services, the wallet solution also embeds access to other add-on services that are integrated with strategic partners including remittance, in-app QR payments, live chat and more, that are continually enhanced to improve the overall user experience of the wallet app. This wallet app solution by DCS Innov, aptly named “InstaWally”, is currently sales-ready and set to onboard its first client in the third quarter of 2024. 

With the acquisition, DCS Innov will be able to bring InstaWally global and provide a revolutionary WaaS solution that allows companies to offer the same payment experience to their end users worldwide, all within a single app. DCS Innov will harness HolyWally's existing global clientele to forge affiliate arrangements that support the basic payment services offered within InstaWally across multiple geographies. This creates a simple and very valuable "Lift-&-Shift" model where clients will be able to just integrate once to InstaWally, and then avail the same app to their customers across the different geographies without additional integration efforts. 

Within the year, InstaWally is expected to be sales-ready in the US, UK, Europe and Japan where HolyWally has established partnerships with the likes of Zenus Bank, Monavate and FinMirai respectively. The ongoing strategic partnerships that DCS Innov has forged with EpisodeSix, a global cards processor, as well as Visa and Mastercard further strengthens the feasibility of this global proposition. 

Ceridwen Choo, CEO of DCS Innov, said, “The acquisition of HolyWally marks a significant leap forward for DCS Innov’s ambition to support fintech enablement globally. Payments connect businesses and consumers across the world. With global travel and portability being increasingly ubiquitous for both work and leisure, we have a social responsibility to make payments seamless, secure and swift, and provide a user experience that is easy to navigate and consistent to use, regardless of where a business or individual is located. It is doubtless to expect payment services to be increasingly available and consumed within mobile apps; I am therefore very confident that the combined expertise and assets of both entities will spur immediate growth and drive efficiencies in delivering payment solutions that are relevant, and quick to launch and scale for our clients. The acquisition is also just in time for us to incorporate a flavour of HolyWally into the launch of our WaaS solution, InstaWally.” 

Veljko Vasic, Co-Founder and CEO of HolyWally, will join DCS Innov as Chief Commercial Officer, and HolyWally's core team of developers will become an integral part of the DCS Innov team

“For the past three years, HolyWally has established its presence as a revolutionary e-wallet provider for clients across the US, Europe, and Singapore. We share DCS Innov’s vision of providing fintechs, brands and retailers with a comprehensive and adaptable platform that avails payment services to their end users. By bringing the strengths of both teams under a single entity, we will be able to scale resources effectively to take our solution into global markets at speed,” added Veljko Vasic, Co-Founder and CEO of HolyWally.

Going forward, DCS Innov will leverage the acquisition of HolyWally to establish itself as a global provider of wallet-as-a-service and cards-as-a-service for fintechs and any non-finance related companies to access payment services. DCS Innov was set up in February 2024 as a subsidiary of DCS Fintech Holdings to focus on commercialising the industry advantages owned by DCS Card Centre (DCSCC), such as its regulatory licences which includes the issuance of credit and charge cards and merchant acquiring services, and payment operations. This set-up allows DCS Innov to operate as an independent service provider that aggregates regulatory permissions, operations resources and technology platform, for swift and seamless access to payment services. By forging more strategic alliances that strengthen its fintech enablement capabilities globally, it will expand and accelerate growth opportunities via an “as-a-service” operating model that extends beyond Singapore.